A&B Properties Acquires 244,000-SF Utah Industrial Complex

SALT LAKE CITY-A&B Properties of Honolulu has paid $8 million for Centennial Plaza, a three-building, 244,000-sf industrial complex on 14.6 acres situated three miles south of the Salt Lake International Airport in the Centennial Industrial Park. The real estate subsidiary of Hawaii’s fifth largest private landowner says the property is 90% leased.

Configured for both light manufacturing and distribution uses, Centennial Plaza is A&B’s first acquisition in Utah. It was acquired in a Section 1031 tax-deferred exchange, using proceeds from other properties sold by A&B earlier in the year.

“Centennial Plaza is a well-maintained facility in a good location … and it will diversify our income portfolio well,” says Norb Buelsing, A&B Properties Executive Vice President. “Utah was recognized recently by Forbes magazine for its supportive business environment and, based on significantly increased market activity in 2003, we believe the industrial market in Salt Lake City is poised for recovery.”